Many OFWs are having their retirement age and going home for good and sad to say they are not prepared and ready to settle down because they don’t have their retirement funds.
We know someone who spend at least 10-15 years abroad but did not contributed to their retirement fund in the Philippines. The reason is simple, it is not obligatory for OFWs to pay and contribute, let us say the SSS contribution.
Some OFWs who fly out of our country dropped out of the state-owned pension system. The result, no secure retirement funds when you reach your retirement age.
Do OFWs save at all? Statistics shows that personal remittances from Filipino expat workers are almost entirely spent on household expenses, school fees and other family expenses. But, in far too many instances, a study states that a returning OFW’s savings are spent on one-time acquisition of personal assets (e.g. car, house, lot, etc.) back home.
When I am on vacation in the Philippines, I am fascinated when I see people own two smart phones and have a separate mobile data subscription. Most of the Filipino wine that the country is a poor country but when you travel along EDSA, you can spot the most high end available car in the country.
Instead of sending high portion of your earnings for expenses and lavish lifestyle, why don’t you save and invest some amount for your retirement funds.
Check out SSS Benefits and Privileges for OFWs – https://www.juaninoman.com/sss-benefits-privileges-ofws/ and might want to get started.
There are a lot of investment that we can participate into and it is best to go with the proven ones like the SSS pension fund.
The government agency launched way back September 2014 the SSS Personal Equity and Savings Option fund or the SSS PESO fund.
What is the SSS P.E.S.O. Fund?
The SSS P.E.S.O. Fund (Personal Equity and Savings Option) is a voluntary provident fund offered exclusively to SSS members in addition to the regular SSS program. Through this program, members who have the capacity to contribute more are given the opportunity to save more in order to receive additional benefits in the future.
You can read more here: https://www.juaninoman.com/sss-peso-fund/
We have also the so called SSS Flexi-fund
The SSS Flexi-Fund is a mechanism for Overseas Filipino Workers to set aside a portion of their hard-earned income abroad and maximize returns of their investments.
What is the SSS Flexi-Fund?
Provident fund program: Voluntary, individual account scheme offered exclusively to OFWs in addition to the Regular Coverage Program
Pension-savings plan: Mechanism for OFWs to set aside a portion of their income abroad and maximize returns on their investments
Launched in 2001, the Flexi-fund serves as an additional layer of social security protection for OFWs. Primarily, it aims to supplement basic pension benefits under the regular program (a social insurance scheme), thus responding to the clamor of OFWs for a more comprehensive coverage.
Start investing for your future and live a life worry free when you retire, you might want to check out this 10 Ways that an OFW Can Invest Back Home – https://www.juaninoman.com/5-ways-ofw-invest-back-home/
